Stat of the day: $1 trillion

How much revenue OPEC will make this year - a record amount.

by
Last Updated: 09 Oct 2013
OPEC’s last meeting may have ended in disarray, but that hasn’t prevented the oil cartel raking it in this year. The earnings of its 12 members will hit the $1 trillion mark, beating the $965bn record in 2008, according to US government forecasts.

No prizes for guessing why: with oil prices consistently hovering above the $100-a-barrel mark, the cartel, which controls 40% of the world’s oil supplies, is unsurprisingly filling its boots. 

Last week, a meeting among the cartel was abandoned after the 12 members failed to come to an agreement on plans to increase oil production – which have been hit by the political unrest in Libya (inter alia). The International Energy Agency wants OPEC to up its production from 28.9m barrels a day to an average of 30.1 million barrels a day this year to cope with rising demand. 

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